PADO Management: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
PADO Management
Largest movements
- Financial fixed assets -€120,000
no longer reported in 2025 (was €120,000)
- Cash -€71,254
down €71,254 (-51.2%), from €139,224 to €67,970
mainly Contributions, distributions and other (-€322,706) and Tax, wage and social debts (-€13,384)
- Tangible fixed assets -€15,119
down €15,119 (-40.8%), from €37,022 to €21,904
- Receivables within one year -€7,799
down €7,799 (-84.3%), from €9,248 to €1,449
of which Trade receivables: -€9,248
- Profit (loss) carried forward -€226,179
down €226,179 (-92.7%), from €244,082 to €17,904
- Other debts +€42,500
up €42,500 (+397196.8%), from €11 to €42,511
- Tax, wage and social debts -€13,384
down €13,384 (-42.9%), from €31,188 to €17,803
- Debts after one year -€8,588
no longer reported in 2025 (was €8,588)
- Current portion of long-term debt -€8,512
down €8,512 (-49.8%), from €17,100 to €8,588
- Gross operating margin +€10,544
up €10,544 (+8.6%), from €121,961 to €132,504
- Taxes +€2,463
up €2,463 (+10.2%), from €24,093 to €26,556
- Financial income +€2,258
up €2,258 (+51.0%), from €4,429 to €6,687
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €305,494 | €92,525 | -€212,969 | -69.7% |
| Fixed assets | 21/28 | €157,022 | €21,904 | -€135,119 | -86.1% |
| Tangible fixed assets | 22/27 | €37,022 | €21,904 | -€15,119 | -40.8% |
| Furniture and vehicles | 24 | €37,022 | €21,904 | -€15,119 | -40.8% |
| Financial fixed assets | 28 | €120,000 | - | -€120,000 | |
| Current assets | 29/58 | €148,472 | €70,621 | -€77,851 | -52.4% |
| Amounts receivable within one year | 40/41 | €9,248 | €1,449 | -€7,799 | -84.3% |
| Trade receivables | 40 | €9,248 | - | -€9,248 | |
| Other amounts receivable | 41 | - | €1,449 | +€1,449 | |
| Cash at bank and in hand | 54/58 | €139,224 | €67,970 | -€71,254 | -51.2% |
| Deferred charges and accrued income | 490/1 | - | €1,202 | +€1,202 | |
| Total equity and liabilities | 10/49 | €305,494 | €92,525 | -€212,969 | -69.7% |
| Equity | 10/15 | €248,082 | €21,904 | -€226,179 | -91.2% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €244,082 | €17,904 | -€226,179 | -92.7% |
| Amounts payable | 17/49 | €57,412 | €70,621 | +€13,209 | +23.0% |
| Amounts payable after more than one year | 17 | €8,588 | - | -€8,588 | |
| Financial debts | 170/4 | €8,588 | - | -€8,588 | |
| Amounts payable within one year | 42/48 | €48,824 | €70,621 | +€21,797 | +44.6% |
| Current portion of amounts payable after more than one year | 42 | €17,100 | €8,588 | -€8,512 | -49.8% |
| Trade debts | 44 | €526 | €1,719 | +€1,193 | +226.9% |
| Suppliers | 440/4 | €526 | €1,719 | +€1,193 | +226.9% |
| Taxes, remuneration and social security | 45 | €31,188 | €17,803 | -€13,384 | -42.9% |
| Taxes | 450/3 | €31,188 | €17,803 | -€13,384 | -42.9% |
| Other amounts payable | 47/48 | €11 | €42,511 | +€42,500 | +397196.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,494 | €15,119 | -€375 | -2.4% |
| Other operating charges | 640/8 | €394 | €807 | +€413 | +104.8% |
| Gross operating margin | 9900 | €121,961 | €132,504 | +€10,544 | +8.6% |
| Operating profit (loss) | 9901 | €106,073 | €116,579 | +€10,506 | +9.9% |
| Financial income | 75/76B | €4,429 | €6,687 | +€2,258 | +51.0% |
| Recurring financial income | 75 | €4,429 | €6,687 | +€2,258 | +51.0% |
| Financial charges | 65/66B | €273 | €182 | -€90 | -33.2% |
| Recurring financial charges | 65 | €273 | €182 | -€90 | -33.2% |
| Profit (loss) for the period before taxes | 9903 | €110,229 | €123,084 | +€12,855 | +11.7% |
| Income taxes | 67/77 | €24,093 | €26,556 | +€2,463 | +10.2% |
| Profit (loss) for the period | 9904 | €86,136 | €96,527 | +€10,391 | +12.1% |
| Profit (loss) for the period to be appropriated | 9905 | €86,136 | €96,527 | +€10,391 | +12.1% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.